BOUND BROOK – Construction is slated to begin before the end of the year on The Rail at Bound Brook on Hamilton Street.
Construction of the 143-unit apartment building, approved earlier this year by the District Planning Board, is scheduled to be completed by the summer of 2024.
The project, the latest addition to downtown Bound Brook’s apartment buildings, is a joint venture between Denholtz propertiesa real estate development and investment company based in Red Bank, and Redwood Real Estate Group, a fourth-generation private real estate investment company.
“With highly favorable local demographics, a strategic location and tremendous untapped redevelopment opportunities, Bound Brook is the perfect next location for our opportunistic investment strategy,” said Stephen Denholtz, CEO of Denholtz Properties. “We look forward to revitalizing The Rail at Bound Brook and helping the area become a destination for residents and visitors alike.”
Denholtz Properties, which also owns the Bridgewater Business Park on Chimney Rock Road in Bridgewater, built Rail at Red Bank Station, a 57-unit apartment complex a block from the train station.
Rail at Bound Brook will include a mix of studios, one-bedrooms, one-bedrooms plus a den and two-bedrooms with additional space to work from home and outdoor balconies and terraces in individual units. In addition, the six-story building will have amenities including a patio with outdoor grills and seating, an indoor fitness and yoga studio, a game room and bike storage.
The building will be built between Hamilton and East streets on the site of a former shopping center that once housed a convenience store and later the Salvation Army.
The residential building will be located at the northern end of the street a proposed block-long pedestrian plaza at Hamilton and Second streets which district officials see as a major key to the continued revitalization of downtown.
For subscribers:How Latinos Revived Bound Brook From a Dead Downtown to a Vibrant Community
The district received a $1 million federal grant administered by the New Jersey Department of Transportation in partnership with the North Jersey Office of Transportation Planning for the pedestrian plaza project.
Bound Brook examines the success Somerville has had in transforming the block of Division Street from Main Street to the train station into a pedestrian plaza.
The developers will also renovate the two-story Morecraft Building, which separates the apartment building from the Brook Arts Center entrance.
In addition, the developers agreed to improve the exterior of three apartment buildings on the east side of Hamilton Street north of the apartment building. An apartment building next to the apartments served as the Bound Brook District Hall until a new facility was built two blocks away in the late 1980s.
Designated parking spaces with seven spaces for electric vehicles will be on the first floor with apartments above. There will also be 44 seats in the section behind the theater.
The developer also agreed to lease 75 parking spaces in the commuter lot on Main Street at $105 per space per month for eight years. The developer will also provide $480,000 for future parking needs in the area.
The first floor will have 650 square feet of retail space.
Minno & Wasko of Lumberville is the architect for the project.
Email: mdeak@mycentraljersey.com
Mike Dyck is a reporter for mycentraljersey.com. For unlimited access to his articles on Somerset and Hunterdon Counties, please subscribe or activate your digital account.
